It's unclear in the technological sector whether the patents or the exclusive licensing of those patents are the real issue. In academic research at universities, patented research is not the problem - it's more the exclusive licensing of those patents (taxpayer-financed, as well) to private interests. A better option would be to allow any interest to use academic patents for something like a flat fee / percentage of profits arrangement.

In general though, I agree - intellectual property gives too much power to the financial sector and the lifetime of patents and copyrights should be cut in half.